We report on the nonlinear optical dynamical properties of excitonic complexes in CdTe modulation-doped quantum wells, due to many-body interactions among excitons, trions, and electrons. These were studied by time and spectrally resolved pump-probe experiments. The results reveal that the nonlinearities induced by trions differ from those induced by excitons, and in addition they are mutually correlated. We propose that the main source of these subtle differences comes from the Pauli exclusion-principle through phase-space filling and short-range fermion exchange.